Congress plans quick work on aid package

House Speaker Nancy Pelosi wants "immediate action" to give automakers additional aid, and said Tuesday that Congress may take up the legislation as early as next week.

The failure of "one or more of the major American automobile manufacturers" would have a "devastating impact on our economy," Pelosi said.

She said any aid to the automakers would come with conditions. Pelosi did not specify the level of assistance she supports, but said it should come from the $700 billion Congress authorized the Treasury to use to help stabilize the financial services industry.

General Motors, Ford and Chrysler LLC are seeking $50 billion more in federal loans to help them weather the worst auto market in 25 years. Earlier this fall, Congress approved $25 billion in low-interest loans for the industry.